Artfield Group Limited was founded in 1984 by Hongkonger entrepreneur
Ip Yiu Tung clocks, office products, lights, and metals in
North America,
Europe, Hong Kong, and
China. Artfield was taken over in early 2008 by Ascent Goal Investments Limited, a subsidiary of
China Sonangol International Limited. By March, Ascent had purchased 74% of Artfield and installed
Lo Fong Hung as chairperson and managing director and her husband
Wang Xiangfei and
Kwan Man Fai to the board. Artfield's head office was relocated to the tenth floor of
Two Pacific Place, 88
Queensway,
Admiralty, Hong Kong, the site of Ascent,
China Sonangol International, and dozens of other businesses Hung, Xiangfei, and Fai are collectively involved with. Under their leadership, Artfield pivoted away from lights and metals and into natural resources, particularly the petroleum industry. Wong Sze Wai was appointed executive director in November 2018, replacing Lo Fong Hung. Wang Xiangfei resigned in September 2021 and was replaced by Li Chun Fung. In 2024, Nan Nan Resources struggled to maintain a positive cash flow, suffered a 52% decline in revenue over a twelve-month period, and carried significant debt that made investment analysts wary of its long-term investment value. == Subsidiaries ==